Target blames criminal networks for up to $600M in lost profits
https://www.fox5ny.com/news/target-b...n-lost-profitsNEW YORK - Target is the latest big retailer blaming shoplifting for putting a big hit on its profits. The company said its gross margin rate dropped from 28% in last year's 3rd quarter to 24.7% this year. Along with shoplifting, referred to as shrink in the industry, the company blamed higher markdown rates and freight costs for dragging down profits.
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